Tuesday, November 26, 2013

$ 120 bn worth investment opportunities in Iran

The Federation of Andhra Pradesh Chambers of Commerce & Industry (FAPCCI) organized a meeting with “Hi-level business delegation of Iran” today (November 26, 2013) at Federation House, Red Hills, Hyderabad. His Excellency His Excellency Mr. Hassan Naurian, Consul General of Republic of Iran was the chief guest for this occasion.

His Excellency Mr. Yahya Ale-es hagh invited the industrialist to invest into Agriculture, Minig, Petrochemical, Educational Services, IT & ITeS, Pharmacy, Infrastructure, Railway, Telecom, Energy, Engineering, Steel and dry Fruits sector with the total worth of $ 120 billion investment opportunities. We all know, the private sector in India has come a long way since the beginning of economic reforms. The bilateral economic and commercial relationship between the countries is marked by growth in several sectors, especially in the oil and gas sector which offered possibilities of setting up mutually beneficial projects both in Iran and India. There is also immense potential for cooperation in the areas of railways, telecommunication, water and power sector, paper and pulp, textile, cement, agriculture, infrastructure, human resource development by training and skill enhancement, etc.

During 2012-13, exports were to the tune of US$ 2068.08 million whereas the imports from Iran were US$ 8471.64 million. The total trade is US $ 10539.72 million. India’s exports to Iran include rice, machinery & instruments, metals, primary and semi finished iron & steel, drugs/pharmaceuticals & fine chemicals, processed minerals, manmade yarn & fabrics, tea, organic/inorganic/agro chemicals, rubber manufactured products, etc. India’s imports include Crude Oil, urea, Petroleum products, Saffron, Dry Fruits. It is understood that there are more than 8,000 Iranian students studying in India. India over the years has emerged as one of the favorite tourist destinations for Iranian tourists and every year around 40,000 Iranians visit India for various purposes he said.

Mr. Srinivas Ayyadevara said that the State of Andhra Pradesh is one of the fastest growing economies in India and became one of the hottest investment destinations among the various investment options in the fast growing emerging economies. The State is ranked 2nd in the country in attracting investments. In a World Bank Report, Hyderabad is ranked second easily accessible city in India for doing business.

FAPCCI is working very closely with the Consulate General of Islamic Republic of Iran, Hyderabad, to promote the trade between the two countries by organizing interaction meetings with the business delegations on a regular basis. With a view to further build on these initiatives and leverage the potential of India-Iran synergies, a Chamber of Commerce for Iran Trade Promotion has been formed.

FAPCCI had also signed MoUs with Iran Chamber of Commerce, Industries and Mines and Commercial Organization of Khorasan Province, to foster friendship and to promote trade, investment, social, economic, human resource development, technical and scientific cooperation and all other spheres of economic activity Mr. Srinivas said.